U.S. stocks clawed back from deep losses on Thursday with the Nasdaq Composite closing the session over 29 points higher, while the S&P 500 and the Dow Jones Industrial Average finished well off their lows of the day.
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The Dow ended the session down 79 points clawing back from a loss of over 700 points in what was a volatile session. The S&P 500 posted fractional losses as investors enagaged in late day buying of consumer discretionary and tech stocks. Large cap names including IBM, Facebook, Hewlett-Packard Enterprise, Netflix and Cisco all posted gains.
Ticker Security Last Change %Chg IBM INTERNATIONAL BUSINESS MACHINES CORP. 123.91 +2.31 +1.90% FB FACEBOOK INC. 139.63 +1.70 +1.23% HPE HEWLETT PACKARD ENTERPRISE COMPANY 16.02 +0.97 +6.45% NFLX NETFLIX INC. 282.88 +7.55 +2.74% CSCO CISCO SYSTEMS INC. 48.39 +1.04 +2.20%
At one point during the session, all three of the major U.S. averages were down over 3-percent putting each back in the red for the 2018 year. The late day turn around has the averages now little changed on an annual basis.
The sectors that failed to trim losses included financials and energy stocks. U.S. crude prices remain under pressure sitting at the $51 per barrel level after OPEC agreed to a production cut following the December meeting.
While there was no obvious catalyst for the epic turnaround it did seem to coincide with a report released in the final hour of trading by the Wall Street Journal